dayofdubai | DME Auctions: November Oman Cargo Sold At Osp +$0.18

Monday, Jun 19, 2023
Hijri Date
℃ Dubai, UAE

Business

ID Number 10106
Aug 07, 2023
202

DME Auctions: November Oman Cargo Sold At Osp +$0.18

Omans Ministry of Oil and Gas (MOG) sold a cargo of Oman blend crude via DME Auctions, accomplishing a solid premium over the Official Selling Price (OSP) which reflects the present strength of the Middle East crude oil market, especially in Oman.

The 2-million-barrel cargo of November-loading Oman Blend crude was awarded at a premium of $0.18 per barrel over the November OSP.

The DME Auction platform saw 16 members partake in the auction with 29 active bids placed during the 2-minute time frame. The Oman OSP is calculated on a volume-weighted average of daily DME Oman Crude Oil (OQD) Marker Prices over the month.

Raid Al-Salami, Managing Director, DME, stated: The ceaseless achievement of DME auctions underlines the need for a robust and transparent mechanism to buy and sell spot cargoes. The platform has auctioned 39.6 million Barrels from 4 different grades including Oman Crude Oil, Basrah Light, Basrah Heavy and Kiman is and generated premiums of $17.3 million above the official selling price.

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